One of the benefits of being a contractor is control. As an independent contractor you get to control what type of work you take on, when you complete the project, and the methods you use to get the job done. You also get to set the price and lead negotiations for...
Back Taxes and Tax Debt
Tax debt and the IRS: 3 options for those who owe money
Uncle Sam is fierce when it comes to tax obligations. Taxpayers can fall behind on filing returns or, for business owners, making quarterly payments. Whatever the reason for the lapse, the Internal Revenue Service (IRS) is not known for waiting patiently for you to...
What are IRS payment plans like?
If you owe taxes but cannot pay them off at once, you may be able to enter into an agreement with the IRS on how you will clear your arrears. Your payment plan can either be short-term or long-term. As long as you stay compliant as agreed, the IRS will not take action...
I cannot pay my tax bill. What are my options?
Tax Day has come and gone. Those who have not yet paid their taxes may have many reasons for doing so. They may have procrastinated and missed the deadline. They may not be able to pay. Whatever the reason for the failure to pay, it is important to take step to...
What happens if I don’t file payroll tax returns?
Business owners know that to scale to meet market needs, they likely need to hire workers. When taking this step, it is important to keep tax considerations in mind. Whether a new business or one that's been around for a while, the Internal Revenue Service (IRS) will...
What if you miss a tax deadline?
Commonly known as Tax Day, income taxes have to be filed by April 15th at the latest. This was extended last year, but it stands at April 15th again for this year’s income -- to be filed in 2022. But what if you make a mistake and just miss the deadline? Say you fill...
How to handle IRS tax collections
Realizing that you don’t have the money to pay the Internal Revenue Service (IRS) what you owe in full and on time can be frightening – especially if it’s never happened to you before. The IRS has a process for taxpayers in this position. Understanding what it is and...
What happens if you underpay estimated self-employment taxes?
One of the hardest things about becoming your own boss is that there is no one else with the responsibility to oversee your actions. You can't depend on human resources or payroll advising you of any financial obligations you may have or withholding taxes from your...
Are you in the IRS’s crosshairs for back taxes?
The Internal Revenue Service (IRS) issued a wake-up call to wealthy individuals and corporations with unreported or back taxes due in mid-April. They noted that it's time to pay off the $1 trillion they owe. Otherwise, the federal tax authority is coming after them....
TAXPAYERS & COLLECTION DUE PROCESS HEARINGS
By law, the IRS may attempt to collect taxes up to 10 years from the date of their assessment. During these ten years, many things may occur as the IRS tries to collect while a taxpayer tries to pay or find some other solution. Taxpayers are not without rights in this...